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Thrive Renewables plc (formerly Triodos Renewables plc)

Invest in Thrive Renewables

What they do

Thrive Renewables develops and operates small to medium-scale renewable energy projects across the UK. It has invested in 19 onshore wind farms, a hydro-electric scheme, and a solar farm, with a combined capacity of 104.9 MW of clean, green power. In 2017, generation from Thrive's owned portfolio was equivalent to satisfying the electricity demand of 41,166 UK homes. The total portfolio of projects in which Thrive has invested generated electricity equivalent to the demand of 58,034 UK homes.

Thrive's work

Thrive Renewables connects people to sustainable energy. They offer accessible opportunities for individuals and businesses to invest in clean energy projects that deliver financial, social and environmental rewards. Thrive Renewables' 5,518 shareholders – large and small – have been building and operating renewable energy projects in the UK since 1994. By investing in Thrive, you join a growing movement of people working together to create a sustainable energy system for generations to come.

Thrive Renewables’ owned operational generating capacity grew by 3 MW to 67.1MW in 2017 following the commissioning of Drumduff wind farm in July 2017.

2017 Highlights

2017 has been an exciting period for Thrive.

Thrive Renewables Plc Bond – another great success

The Thrive Renewables plc Bond offer successfully closed in March 2017 having raised £9.96 million. Over 900 individuals invested in the Bond in addition to impact investment institutions and foundations. A total of 669 new individuals joined Thrive’s community of investors via the Bond. The issuance of the Bond at 5% lowers Thrive’s cost of capital, providing the opportunity to increase returns to shareholders and making Thrive's cost of capital more competitive in the market for the purchase of new projects.

Financial Leadership Winner

Thrive has won the Finacial Leadership Award from the RenewableEnergy Association for its inclusive business model, its flexible investment approach, and for being the first renewables bond offer which could be included in an Innovative Finance ISA. Thrive welcomed a further 656 investors to the Thrive Renewables Group, growing their community to 6,247 individuals. As planned, the majority of the £10m raised via the bond has already been employed or allocated to new projects in 2017.

Investing in new projects

Whilst growth in Thrive’s owned portfolio was modest, the Company invested into four new projects in 2017. The renewable electricity generation capacity into which Thrive has invested increased by 28% from 81.8 MW in 2016 to 104.9 MW in 2017. The four investments made in 2017 all took the form of subordinated debt, plugging funding gaps and offering the team’s experience to complement the projects.

In January 2017, the Company invested £1.48m as a mezzanine loan to Renewable Energy Ventures (Brotherton) Limited to complete the funding requirement for the construction of a two turbine, 4.6MW wind farm located in Aberdeenshire. The project commenced generation in June 2017.

In addition, Thrive Renewables has developed a Community Energy Funding Bridge which has been provided to three projects in 2017. The first, in February 2017, a £1.7m loan to a Community Interest Company that owns the Sheriffhales 3.174MWp solar PV farm in Shropshire. The second, in July 2017, a £7.4m loan to Mean Moor Community Wind Farm Limited which owns a 6.9MW wind farm in Cumbria. The third Community Energy Funding Bridge of £2.3m was completed in October 2017 for the purchase of the 2.4MW Brockholes wind farm located in Scottish Borders.

Future plans

Thrive is making good progress towards a 2020 growth target of contributing to 125MW of renewable projects, and uniting a community of 10,000 investors.

Thrive Renewables are focusing on the following objectives for the coming 12 months:

To continue to deliver healthy returns to shareholders, both via dividends and capital appreciation. This will be achieved through improvements in operational performance, lowering the Group’s cost of debt and by continued growth of the portfolio, delivering greater impact and diversifying income.

To continue to improve the portfolio’s operational performance in terms of health, safety and productivity. The focus will be on increasing the availability and productivity of our 50 turbines, and enhancing the electricity sale arrangements.

To increase awareness of Thrive Renewables and further enhance the profile of shares on the secondary market to support future growth.

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